Fitch upgrades Hyundai, Kia

Fitch Ratings said it upgraded Hyundai Motor Co.'s and affiliate Kia Motors Corp.'s long-term foreign-currency issuer default ratings and senior ratings to BBB from BBB-.

The outlook is positive.

The agency also said it affirmed the companies' short-term foreign-currency issuer default ratings at F3.

The upgrade reflects major improvements in the companies' competitive positions and credit metrics over the last 12 months, Fitch said.

Both companies continued to show robust growth in sales and market share gains in major markets due to an improving brand image, new product momentum and a recovery in global auto demand, the agency said.

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